Free Money for Americans: $2,000 Per Adult, $1,000 Per Child
As the federal government’s response to the spread of the coronavirus is ramping up, Treasury Secretary Steven Mnuchin gave the details of the response package that the government will be using to fight the pandemic and help people cope with it. The response package includes provisions for most Americans to receive money from the government. Based on the plan, adults will get $2,000 while children can get $1,000.
Secretary Mnuchin explained that the incentive is going to be given out in two phases. For the first part, each adult is going to get $1,000 and each child $500. Thus a family of four can expect to get $3,500 right away. He said that the first phase should come out very soon. They are just waiting for Congress to pass the bill that would authorize them to go ahead with the package.
The money is intended to help those who will be affected because of the pandemic. The money can also be a boost to the economy as people will be encouraged to make purchases with the money they will be getting. It seems that not all Americans will be getting money from the government, as the secretary explained that there is no need to send checks to those earning millions of dollars.
The secretary further explained that the situation right now is unprecedented. A major part of the US economy may be affected, although they are still not considering a lockdown for the entire country, which has been seen in many other places around the world.
The direct payments to Americans would amount to over $500 billion, which is half of the package. The rest will be used for stimulating the economy and keeping businesses afloat. For example, $300 billion will be earmarked for small businesses all over the country. These small businesses are more affected by the disease than large companies. The $200 billion is meant to help industries like the airline industry, which are severely affected by the pandemic.
The package is just one of the things that the government is doing now to deal with the pandemic. It is important to keep the economy going until a vaccine for the disease is discovered, and this package can go a long way in achieving that. Trump has also signed a bill that gives funding for additional testing to be done. The law, also known as the Families First Coronavirus Response Act, also includes provisions for paid sick leave benefits.
Although there is an increasing number of cases in the United States, the federal government is now more ready to cope with it.